Schnitzer Steel Posted Robust Q2 Results

SEATTLE (Scrap Monster):  Portland, Oregon-headquartered Schnitzer Steel Industries, Inc. announced robust financial results for fiscal second quarter ended February 29, 2020.

The company reported earnings from continuing operations of $0.14 per share during the quarter. The adjusted earnings for the quarter were $0.31 per share. The quarterly results reported strong improvement from the prior quarter. The company had declared reported and adjusted loss of $0.26 per share and $0.17 per share respectively in the initial quarter.

The Auto and Metals Recycling (AMR) segment recorded operating income of $19 million in Q2, posting notable improvement from an operating loss of $2 million in the prior quarter. The Cascade Steel and Scrap (CSS) segment reported operating income of $4 million, almost flat when compared with Q1.

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Commenting on the results, Tamara Lundgren, Chairman and Chief Executive Officer noted that the strong second quarter results reflect the resiliency of its operations. The higher sales volume by both the divisions indicates the success of productivity initiatives implemented by the company during the quarter.  

Schnitzer Steel facilities have continued operating during the COVID-19 national emergency. The strong balance sheet and significant cash on hand will help the company to weather the storm, the company press release.